Trump's trade war as it unfolds
US President Donald Trump launches global tariff hikes targeting allies and rivals alike as part of an aggressive trade overhaul set to begin August 1. - REUTERS/Filepic
THE Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.
AI Brief
- Trump imposes or threatens steep tariffs-up to 100%-on imports from major partners like China, the EU, Canada, and Mexico.
- US courts challenge the legality of sweeping tariffs, but Trump's administration pushes forward with appeals.
- Amid the tariffs, the US signs limited deals with the UK and China while warning more penalties are coming August 1.
May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.
May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%.
May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%.
May 23 - Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1.
He also warns Apple AAPL.O it would face 25% tariff if phones it sold in the U.S. were manufactured outside of the country.
May 25 - Trump backpedals on his threat to slap 50% tariffs on EU imports, agreeing to extend the deadline for talks until July 9.
May 28 - A U.S. trade court blocks Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from U.S. trade partners.
The Trump administration says it will appeal the ruling.
May 29 - A federal appeals court temporarily reinstates the most sweeping of Trump's tariffs, pausing the lower court's ruling to consider the government's appeal, and orders the plaintiffs in the cases to respond by June 5 and the administration by June 9.
June 3 - Trump signs an executive proclamation activating a hike in the tariffs on imported steel and aluminum to 50% from 25%.
June 12 - Trump warns that he may soon hike auto tariffs, arguing that could prod automakers to speed U.S. investments.
July 3 - Trump says the U.S. will place a 20% tariff on many Vietnamese exports, with trans-shipments from third countries through Vietnam facing a 40% levy.
July 6 - Trumpsays on Truth Social that countries aligning themselves with the "Anti-American policies" of BRICS will be charged an additional 10% tariff.
July 7 - Trump says on Truth Social the additional higher duties announced in earlier months will kick in with delay on August 1, as the U.S. closes on completion of several trade deals.
In letters sent to 14 countries including Japan, South Korea and Serbia, he says he will introduce tariffs between 25% and 40% from August 1.
July 10 - Trump says the U.S. will impose a 35% tariff on imports from Canada next month and plans to impose blanket tariffs of 15% or 20% on most other trading partners.
July 12 - Trump threatens to impose a 30% tariff on imports from Mexico and the European Union starting on August 1
Must-Watch Video
Stay updated with our news